Evaluate how managing resources and controlling budgets can improve the performance of the business. (UNIT 2 D1)
Sales and profits
Human resources can improve sales and profit within the business. This is because the HR department itself are in control in terms of Hiring (including recruiting candidates, the interview process, negotiations, and signing contracts.) So technically speaking if the HR department hired a sales man that was not up to satisfaction and was lacking sales. Then this may have been down to HR department not being thorough enough at the interview or their person specification. I believe the business should overlook the HR department and see what may need tweaking. I believe doing this would potentially help the measurement of sales and profit within the business. Because hiring a well-earned applicant for the job would be there will be more sales/profit.
There are many technical resources that may help aid sales and profits to increase within a business.
One technical resource that could potentially increase sales and profits is the use of software for a development of a website. Nowadays the majority of the population has some type of computer. Having a website for your business can be very effective, businesses may use a website to either sell their products/items or they might just use it for promotion and advertisement purposes. One may be effective more the other depending on the type of business. Although at the end of the day both ways in which you use a website for your business is effective.
As it will promote it to a wide range of audiences that have access to the web, this then would result in sales and profits potentially increasing. Physical resources may be necessary if the business may need publicity for it to operate. For example, having a branch. More customers are more likely to join a ‘firm’ if you have a branch and by this time the finance could potentially increase gradually, therefore improving sales & profits. Financial resources can help monitor the finance within the business. A business needs to insure that they have enough money so that they are able to order stock/products e.c.t.
They also have to insure that they are monitoring the money effectively so that they have money for bills, wages and other expenses.
I believe using financial resources can help aid a business’s profit and sales just by monitoring effectively.
The HR department are in control of the Promotions and raises within the business. If for example a group of customers come on a regular basis to buy various products for a specific price. Then if one day HR decides to raise the cost of product doing this could potentially damage the customer base.
This is why it is important for the HR department to ensure that they have regular promotions within the business they should also only raise the product items if it is completely necessary, otherwise it could affect suppliers or other customers that are In businesses ‘customer base.’
Carrying this entire out could defiantly aid the customer base.
Having technical resources available means that the business is able to keep a customer base. This can be done by customers be able to use a website for latest information or they can get updated emails e.c.t. I believe ensuring a business has an email system and website is important as it can maintain a customer base for people that are interested.
A business should use physical resources to set up a customer base.
There are many physical ways in which you can set up a customer base or help get one together. As a business you should always be on the hunt for new customers and seeking methods to bring them to your door.
If you are not consistently looking for opportunities-s to build your customer base, your business could fall off of the growth...
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